Category: Business
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Ghana’s housing deficit hits two million – Housing Minister
Ghana’s housing deficit has hit 2 million units. This was revealed by the Minister for Works and Housing, Samuel Atta Akyea. By this, government would have to build 190,000 to 200,000 units of houses each year for the next 10 years to bridge the gap. This is expected to cost around US$3.4 billion for the…
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Gold Coast Fund Management engages SEC over liquidity issues
Gold Coast Fund Management (GCFM) has welcomed confirmation by the Securities and Exchange Commission (SEC) that it is seriously engaging with the company to find a lasting solution to the liquidity crisis it is facing. The Commission has revealed it has received and started reviewing proposals from GCFM, the biggest fund manager, on how the…
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Listing Soyabeans on Commodity Exchange to boost earnings of farmers – GCX boss
The Chief Executive Officer of the Ghana Commodity Exchange (GCX), Dr. Kadri Alfa is confident the listing of soyabeans on the Exchange will help turn around the fortunes of soybean farmers across the country. The commencement of trading of soybean on the Ghana Commodity Exchange brings to three the number of commodities being traded on…
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Access Bank to pursue aggressive loan growth in 2019
Access Bank Ghana has made a commitment to strongly grow its loan book this year despite a higher than average Non-Performing Loan ratio when compared to other banks in the country. Whereas gross earnings of the Bank were up by 12 percent in 2018, its loans and advances however declined by 6 percent in 2018.…
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MTN not sabotaging Mobile Money Interoperability– GhIPSS
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has confirmed that the challenges that customers of MTN are having with sending money from the network to others has to do with capacity issues which all stakeholders involved are working on to resolve. This follows several complaints by customers of MTN over persistent challenges with the…
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SSNIT engages government on GH¢1bn arrears
The Social Security and National Insurance Trust (SSNIT) says it is confident of accessing claims due it from the government to aid its operations. As at last year (2018), the outstanding claims that the government was expected to give to the pension management firm, was estimated at one billion cedis. Some industry watchers have attributed…
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Majority of Rural Banks in stable conditions, only a few in distress—ARB Apex Bank
The parent company of rural banks, ARB Apex Bank has told Citi Business News even though a few of its members are under financial distress majority are solvent hence are able to meet liquidity supply. A newspaper report stated that 21 rural banks out of 143 are completely safe while the rest go through severe…
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Proposed energy sector reforms to punish officials for bad contracts
A new Energy Sector Reform Document to be approved by cabinet will allow for the punishing of officials who sign bad contracts in the energy sector. This, according to the Energy Sector Reform Committee, will help reduce debts in that sector. Also in the document are recommendations to ensure that the energy sector debt is…
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Govt misses luxury vehicle tax revenue target
Government has missed its target for the luxury vehicle tax for the first five months of its operation by about 80 percent. The Ghana Revenue Authority was able to rake in about a fifth of the 104 million cedis target from the tax. The Luxury vehicle tax was introduced by government in 2018 to help…
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Ken Thompson downplays IMF, World Bank growth projections for Ghana
The Chief Executive Officer of Dalex Finance, Kenneth Thompson has downplayed the significance of the IMF and World Bank projections for Ghana’s economy. The IMF and the World Bank have projected a growth rate of 8.8 percent and 7.6 percent respectively for Ghana’s Economy, making it one of the fastest growing economy in the world…